CIF/FOB Gulf Grain-Corn, soybean basis down as futures rally, barge freight eases

CHICAGO, March 6 (Reuters) - Basis bids for corn and soybeans shipped by barge to U.S. Gulf Coast terminals were mostly lower on Friday as futures prices scaled multi-month peaks and as river freight costs softened, traders said.

• Farmer sales of corn and soybeans to barge-loading river elevators accelerated this week as futures prices climbed. The influx of supplies pressured basis values at river elevators.

• Improving river shipping conditions weighed on spot barge freight rates. Offers for freight fell by 100 points of tariff on the Mississippi River at St. Louis over the past week and by 125 points on the Illinois River, brokers said. BG/US

• Soybean export demand was slow as global importers are turning to cheaper supplies of newly harvested soy from Brazil. Corn demand, which has been strong, paused after prices rallied this week, traders said.

• Chicago Board of Trade corn futures Cv1 rose to the highest point since May 2025 on Thursday. Soybeans Sv1 hovered near Monday's high, which was the loftiest since June 2024.

• Exporters are monitoring shipping disruptions caused by the war in the Middle East. U.S. traders are concerned that additional supplies of corn from Brazil, a major supplier to Iran, will dent demand for U.S. shipments. The war is also driving up the cost of ocean freight.

• CIF Gulf soybean barges loaded in March were bid 3 cents lower at 77 cents over Chicago Board of Trade May SK26 soybean futures. April barges were bid at 86 cents over futures, also down 3 cents.

• FOB export premiums for soybeans loaded from the Gulf in March were flat at 115 cents over May futures.

• CIF Gulf corn barges loaded in March were bid 5 cents lower at 84 cents over CBOT May CK26 futures. April bids were down 4 cents at 83 cents over futures.

• FOB corn export premiums for March corn loadings held at around 105 cents over May CK26 futures.